Rate Cut Expectations Boost Dollar

Thu., March 28, 1996

The dollar moved slightly higher in quiet trading Wednesday on heightened expectations of an interest rate cut in Germany.

Recent comments indicated that German monetary officials are considering cutting rates at the Bundesbank’s meeting today.

“At least it made it closer to a 50-50 proposition,” said senior trader Dave Glowacki at NBD Bank in Detroit.

In late New York trading, the dollar traded at 1.4845 German marks, up from 1.4785 marks late Tuesday. The dollar was worth 106.55 Japanese yen, up from 106.47 yen Tuesday.

Exchange Currency in Dollars Dollar in foreign currency

Canada .7337 1.3630

France .1975 5.0630

Germany .6736 1.4845

Great Britain 1.5200 .6579

Italy .000634 1577.80

Japan .009385 106.55

Mexico .132890 7.5250

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Rate Cut Expectations Boost Dollar

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